Friday, 13 May 2016

11am update - the battle continues

It remains a mess in market land, as the bulls are battling to hold yesterday's low of sp'2053. If that fails.. a daily close in the 2045/35 zone will be due.. along with VIX 15s. However, current price action just doesn't suggest the bears are going to manage it.




Clearly, its a borderline situation. The bigger daily/weekly cycles are STILL increasingly swinging back toward the equity bears... but actual price action remains just broad churn in the sp'2039/2100 zone.

.. the 11am turn.. would currently bode in favour to the bulls.. not least as the weekend looms.

notable weakness, CAT, daily

There is nothing pretty in CAT land, the 200dma is set to be tested. Broadly, I'd look for the Jan' low of $55.82 to eventually be broken.

time to cook